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However, some struggling borrowers choose to keep things closer to home and borrow from themselves with one of these options: Both secured and unsecured debt consolidation loans have common advantages: Simplifying your monthly debt payment schedule, lowering your interest rates relative to your old credit cards, and helping you rebuild your credit if you can make your payments on time.
It’s important to understand the drawbacks and consider all your alternatives before deciding if a debt consolidation loan is right for you.
A debt consolidation loan pays off your existing debts and combines those balances into a single monthly bill with a new interest rate.
That single loan will be easier to manage, because you’ll only make one monthly payment, and because it has a longer term than your old loans that payment will be smaller than the sum of your current payments.
However, debt consolidation is sometimes a tradeoff, an exchange of easier payment terms for a more expensive loan, since you may pay more interest on the same sum over a longer period of time.
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